On Friday, nearly every Wall Street analyst that covers Sarepta Therapeutics (NASDAQ: SRPT) lowered their rating on the biotech company. JPMorgan dealt Sarepta a rare double downgrade from outperform to underperform in response to some disappointing clinical trial results.
Shares of Sarepta Therapeutics stock lost around half their value before the stock market opened on Friday and didn’t recover before the market closed last week. If you’re still not sure why, though, you’re not alone. Here’s why Wall Street turned its back on this biotech stock last week.